The Uniform Law Commission (ULC) Life Insurance Working Group (Working Group) has released its recommendations to revise the life insurance provisions of the Uniform Unclaimed Property Act of 1995 (1995 Uniform Act or...more

The Pennsylvania Legislature enacted extensive changes to Title 56 of the Decedents, Estates and Fiduciaries Code affecting powers of attorney, effective as of January 1, 2015. The amendments create a number of issues for...more

Even if you have a relatively modest estate, life insurance can be an important aspect of estate planning for the obvious reason that it can substantially increase the value of your estate. Where the death of a person is...more

Pennsylvania’s power of attorney law has recently undergone significant changes by virtue of legislation that went into effect January 1, 2015. Among other instruments and transactions affected, the new law will impact all...more

Trusts administered outside California often are susceptible to not filing California income tax returns. This is because California has an atypical legal threshold for filing: trusts must file if a trustee or beneficiary...more

While Delaware is nationally known as the preferred jurisdiction for corporations, it is likewise recognized as a leader in the area of statutory trusts. The State of Delaware, in 1988, adopted the Delaware Business Trust...more

Business trusts have been recognized by the Delaware common law since 1947, however, there was no express statutory recognition of the business trust in Delaware until the passage of the Delaware Statutory Trust Act...more

Over the past 10-20 years, a large number of secured equipment finance and asset securitization transactions have been structured using either a Delaware Statutory Trust (a “DST”) created pursuant to the Delaware Statutory...more

The use of traditional leveraged lease transactions for the financing of commercial aircraft has dropped dramatically in the last 5 to 10 years. Due to changes in economic conditions, tax laws, and accounting procedures,...more

Introduction -
This article discusses a significant change in Florida law regarding the effect of dissolution or annulment of marriage on designations of one former spouse as beneficiary upon death of the insured other...more

As we’ve previously mentioned on this blog, business succession planning is critical in maintaining the strength and integrity of a business during and after changes of leadership. Experts in business planning say that...more

Maine Governor Paul LePage has proposed a major restructuring of Maine’s tax system as part of his FY 2016-2017 budget submission. Generally, the governor’s proposal decreases the state’s reliance on income tax revenue and...more

On December 16, National Credit Union Administration filed a lawsuit in the United States District Court for the Southern District of New York against U.S. Bank N.A. and Bank of America N.A., in their capacity as trustees for...more

Recent Development -
Family office key employees have new flexibility under recent SEC guidance regarding the nature and range of persons who can properly be involved in the administration of their trusts. ...more

Like hopeful NCAA college football teams, several matters affecting life and annuity products looked, in 2014, like they would make the playoffs and finally be resolved in early 2015.
- The review of Principle-Based...more

In This Issue:
- Tax planning strategies to consider before the end of the year
- The IRS announces inflation-adjusted amounts for 2015
- Case update: Taxpayer’s deduction for interest capitalized in loan...more

In a speech on December 11, 2014, SEC Chair Mary Jo White announced three broad “proactive initiatives” to address the risks of “increasingly complex portfolio composition and operations” in the asset management industry. ...more

The Virginia Supreme Court recently provided a reminder of the importance for small business owners to coordinate their estate plan with a shareholder agreement or other corporation, partnership, or limited liability company...more

Let’s assume that you and your spouse are the sole owners of a very successful business. You have established an estate plan with trusts in place to utilize the estate tax exemptions of both spouses for Washington state and...more

In an important decision for professionals operating in the trust and asset management sector - and their employers - the English Court of Appeal has recently provided guidance in the case of Rathbone Bros Plc and Paul...more

During its September term, the Illinois Supreme Court agreed to decide an issue of importance to property and banking practitioners: is the statutory right to rescind a reverse mortgage limited to the original property owner?...more

In Brent Kern Family Trust v. The Queen (2014 FCA 230), the Federal Court of Appeal dismissed the taxpayer’s appeal with reasons delivered from the bench. The taxpayer had argued that the decision of Canada v. Sommerer (2012...more

We have all watched as the Market Basket family and business dispute has played out in the media – customers protesting, employees on strike and secret family meetings behind closed doors. What began as a small family grocery...more